EU finance ministers agree €315bn investment plan

EU finance ministers agreed to proceed with a planned €315bn investment plan, while reminding crisis-hit nations it will not offer them special assistance.

The investment fund, EU Commission president Jean-Claude Juncker’s flagship effort to jump-start growth, won a green light from ministers at yesterday’s meeting in Brussels. This paves the way for discussions with the European Parliament, as policy makers target a final deal by June.

Germany, the Netherlands and the UK led calls for the proposal to resist political influence so the fund could seek out projects that are most deserving of help. In contrast, Hungary and other eastern European nations called for a less centralised approach, while Greek finance minister said the plan should acknowledge the “dramatic lack of credit” in countries hit hardest by the crisis.